The World Bank Vice President and Chief Economist, Mr. Indermit Gill, has expressed support for the Central Bank Governor of Nigeria, Mr. Olayemi Cardoso, and his foreign exchange unification policy. Speaking during the 30th Nigerian Economic Summit (#NES30) in Abuja, Gill praised the direction of the policy and encouraged its continuation.
While acknowledging the hardships caused by current reforms, especially for vulnerable Nigerians, Gill emphasized that these changes are vital for Nigeria’s economic recovery. He explained that such reforms, if sustained, could transform not only Nigeria’s economy but also positively impact the Sub-Saharan Africa region. Drawing comparisons to countries like Norway, Poland, and Korea, Gill stressed the importance of maintaining reforms for long-term growth.
Gill highlighted the need for government intervention to protect the vulnerable population, especially as food and transportation costs rise. He emphasized the importance of building non-oil exports and utilizing the current favorable exchange rate to stabilize the economy and build foreign reserves. He further recommended that savings from fuel subsidies and the new exchange rate framework be used to create safety nets for the most vulnerable households.
He concluded by urging policymakers to remain steadfast in these reforms, as the future of Nigeria and its children depends on them